Instrument Correlation on Exness — Measured 60-Session Matrix
How the instruments on this feed move together, computed from daily closes on Exness’s MT5 history — 21 instruments, measured 3 Sep · 09:54 SAST.
Open Exness Account →Why correlation matters for position sizing
Two open positions in strongly correlated instruments behave like one position at double the size — the account is exposed to a single move twice. In this sample the most correlated pair was XAU/USD (Gold) and XAG/USD (Silver) at +0.92, and the most inverse was EUR/USD and USD/CHF at -0.90. A trader long both halves of a +0.9 pair holds one trade, not two.
Correlation of daily returns (last ~60 sessions)
| EURUSD | GBPUSD | USDJPY | AUDUSD | USDCAD | USDCHF | NZDUSD | EURGBP | EURJPY | GBPJPY | AUDJPY | XAUUSD | XAGUSD | USOIL | UKOIL | US500 | US30 | USTEC | DE30 | JP225 | UK100 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EURUSD | 1.00 | +0.82 | -0.50 | +0.59 | -0.68 | -0.90 | +0.75 | +0.05 | +0.08 | +0.05 | -0.06 | +0.57 | +0.54 | -0.17 | +0.01 | +0.20 | +0.09 | +0.24 | +0.11 | +0.25 | -0.11 |
| GBPUSD | +0.82 | 1.00 | -0.41 | +0.56 | -0.53 | -0.75 | +0.78 | -0.53 | +0.06 | +0.28 | +0.01 | +0.43 | +0.39 | -0.15 | -0.09 | +0.20 | +0.06 | +0.19 | +0.09 | +0.19 | -0.11 |
| USDJPY | -0.50 | -0.41 | 1.00 | -0.45 | +0.35 | +0.55 | -0.45 | -0.02 | +0.82 | +0.76 | +0.71 | -0.26 | -0.23 | +0.16 | -0.02 | -0.31 | -0.31 | -0.23 | -0.22 | -0.15 | +0.08 |
| AUDUSD | +0.59 | +0.56 | -0.45 | 1.00 | -0.45 | -0.60 | +0.71 | -0.11 | -0.13 | -0.08 | +0.31 | +0.48 | +0.49 | -0.32 | -0.01 | +0.50 | +0.41 | +0.53 | +0.35 | +0.52 | +0.03 |
| USDCAD | -0.68 | -0.53 | +0.35 | -0.45 | 1.00 | +0.65 | -0.58 | -0.08 | -0.04 | -0.00 | +0.02 | -0.50 | -0.42 | -0.12 | -0.03 | +0.01 | +0.08 | -0.04 | +0.04 | -0.09 | +0.10 |
| USDCHF | -0.90 | -0.75 | +0.55 | -0.60 | +0.65 | 1.00 | -0.74 | -0.01 | +0.04 | +0.05 | +0.10 | -0.61 | -0.58 | +0.22 | -0.01 | -0.23 | -0.17 | -0.25 | -0.16 | -0.26 | +0.09 |
| NZDUSD | +0.75 | +0.78 | -0.45 | +0.71 | -0.58 | -0.74 | 1.00 | -0.26 | -0.03 | +0.08 | +0.08 | +0.44 | +0.44 | -0.16 | -0.03 | +0.28 | +0.14 | +0.32 | +0.18 | +0.31 | -0.05 |
| EURGBP | +0.05 | -0.53 | -0.02 | -0.11 | -0.08 | -0.01 | -0.26 | 1.00 | +0.01 | -0.40 | -0.10 | +0.09 | +0.11 | +0.00 | +0.15 | -0.05 | +0.02 | +0.03 | +0.00 | +0.05 | +0.03 |
| EURJPY | +0.08 | +0.06 | +0.82 | -0.13 | -0.04 | +0.04 | -0.03 | +0.01 | 1.00 | +0.91 | +0.78 | +0.07 | +0.08 | +0.08 | -0.02 | -0.23 | -0.30 | -0.11 | -0.18 | -0.01 | +0.02 |
| GBPJPY | +0.05 | +0.28 | +0.76 | -0.08 | -0.00 | +0.05 | +0.08 | -0.40 | +0.91 | 1.00 | +0.75 | +0.03 | +0.03 | +0.07 | -0.08 | -0.19 | -0.28 | -0.11 | -0.17 | -0.03 | -0.00 |
| AUDJPY | -0.06 | +0.01 | +0.71 | +0.31 | +0.02 | +0.10 | +0.08 | -0.10 | +0.78 | +0.75 | 1.00 | +0.11 | +0.14 | -0.09 | -0.03 | +0.06 | -0.00 | +0.17 | +0.04 | +0.26 | +0.11 |
| XAUUSD | +0.57 | +0.43 | -0.26 | +0.48 | -0.50 | -0.61 | +0.44 | +0.09 | +0.07 | +0.03 | +0.11 | 1.00 | +0.92 | -0.24 | -0.05 | +0.17 | +0.24 | +0.15 | +0.25 | +0.32 | -0.11 |
| XAGUSD | +0.54 | +0.39 | -0.23 | +0.49 | -0.42 | -0.58 | +0.44 | +0.11 | +0.08 | +0.03 | +0.14 | +0.92 | 1.00 | -0.26 | -0.03 | +0.34 | +0.31 | +0.35 | +0.40 | +0.49 | -0.09 |
| USOIL | -0.17 | -0.15 | +0.16 | -0.32 | -0.12 | +0.22 | -0.16 | +0.00 | +0.08 | +0.07 | -0.09 | -0.24 | -0.26 | 1.00 | +0.09 | -0.52 | -0.54 | -0.37 | -0.43 | -0.27 | -0.05 |
| UKOIL | +0.01 | -0.09 | -0.02 | -0.01 | -0.03 | -0.01 | -0.03 | +0.15 | -0.02 | -0.08 | -0.03 | -0.05 | -0.03 | +0.09 | 1.00 | -0.04 | +0.02 | -0.05 | +0.06 | +0.00 | -0.04 |
| US500 | +0.20 | +0.20 | -0.31 | +0.50 | +0.01 | -0.23 | +0.28 | -0.05 | -0.23 | -0.19 | +0.06 | +0.17 | +0.34 | -0.52 | -0.04 | 1.00 | +0.82 | +0.89 | +0.60 | +0.74 | -0.07 |
| US30 | +0.09 | +0.06 | -0.31 | +0.41 | +0.08 | -0.17 | +0.14 | +0.02 | -0.30 | -0.28 | -0.00 | +0.24 | +0.31 | -0.54 | +0.02 | +0.82 | 1.00 | +0.55 | +0.72 | +0.43 | +0.03 |
| USTEC | +0.24 | +0.19 | -0.23 | +0.53 | -0.04 | -0.25 | +0.32 | +0.03 | -0.11 | -0.11 | +0.17 | +0.15 | +0.35 | -0.37 | -0.05 | +0.89 | +0.55 | 1.00 | +0.46 | +0.90 | -0.09 |
| DE30 | +0.11 | +0.09 | -0.22 | +0.35 | +0.04 | -0.16 | +0.18 | +0.00 | -0.18 | -0.17 | +0.04 | +0.25 | +0.40 | -0.43 | +0.06 | +0.60 | +0.72 | +0.46 | 1.00 | +0.45 | +0.02 |
| JP225 | +0.25 | +0.19 | -0.15 | +0.52 | -0.09 | -0.26 | +0.31 | +0.05 | -0.01 | -0.03 | +0.26 | +0.32 | +0.49 | -0.27 | +0.00 | +0.74 | +0.43 | +0.90 | +0.45 | 1.00 | -0.06 |
| UK100 | -0.11 | -0.11 | +0.08 | +0.03 | +0.10 | +0.09 | -0.05 | +0.03 | +0.02 | -0.00 | +0.11 | -0.11 | -0.09 | -0.05 | -0.04 | -0.07 | +0.03 | -0.09 | +0.02 | -0.06 | 1.00 |
+1.00 = the instruments moved together every session; −1.00 = they moved opposite; near 0 = independent. Green = positive, red = negative; deeper colour = stronger link.
Read it with care
- 60 daily closes is a short window — treat values as indicative, not fixed.
- Correlations shift with the macro backdrop and can flip in stressed markets.
- Crypto instruments trade a 7-day week and are omitted — their daily series does not align bar-for-bar with 5-day markets.
- Correlation says nothing about direction — only about moving together.
Measured in-terminal on Exness’s own MetaTrader 5 pricing feed and symbol specifications, refreshed on a schedule. All figures are indicative and change with market conditions.
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